Arb Appln NO. 113 of 2025 IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED: 27-01-2025 CORAM THE HONOURABLE MR JUSTICE P.B. BALAJI Arb Appln NO. 113 of 2025 Axis Bank B1, first floor, Shaw Wallace building, new no. 366, old no. 166, Thambu Chetty Street, near High Court, Chennai Appellant(s) Vs Mr.Natarajan Palanisamy Door No.186, Kamarajar Salai Street, Manjampakkam, Chennai 600 060.B1, first floor, Shaw Wallace building, new no. 366, old no. 166, Thambu Thetty Street, near High Court, Chennai and another Respondent(s) For Appellant(s): Mr.T.Gowrishankar ORDER This application has been filed seeking appointment of a Receiver viz., Mr.Karthikeyan.N, Employee Code No.393099, currently designated as Senior Manager of Axis Bank Limited, having his office at Axis Bank Limited, Acropolis I 9th Floor, New No.148, Old No.68, Dr.Radhakrishnan 1/5 https://www.mhc.tn.gov.in/judis Arb Appln NO. 113 of 2025 Salai, Mylapore, Chennai – 600 004, as Receiver to visit the respondent's premises, other areas which is occupied by the respondents and any other premises of the respondents along with local police protection to break open if necessary and to seize and take custody of the vehicle hypothecated with applicant being Articulated Vehicle bearing No.TN-18-AS-4974, Model – MTB BLAZO31 6E1B4 6100 1S, Manufacture – Mahindra & Mahindra LTD, with all accessories fitted to the asset specifically described in the schedule to the Judge's Summons and hand them over to the applicant pending final adjudication of the disputes between the parties through arbitration. 2. Heard Mr.T.Gowrishankar, learned counsel for the applicant. 3.The respondents entered into a loan agreement with the applicant Company dated 23.10.2018 for purchase of the asset, more fully described in the schedule to the Judges Summons. Under the loan agreement, the total loan amount of Rs.28,07,330/- was repayable by the respondent to the applicant in 65 monthly installments at 9% interest per annum, commencing from 20.11.2018 to 20.03.2024. 2/5 https://www.mhc.tn.gov.in/judis Arb Appln NO. 113 of 2025 4.The learned counsel appearing for the applicant would contend that the respondents were irregular in making the payment of instalments and that in spite of repeated demands, the respondents had failed to regularize the default and had continued not to pay the EMIs. He would further submit that the applicant undertakes to initiate arbitral proceedings against the respondents and Section 21 notice has also been served on the respondents on 31.12.2024. He would further submit that considering the value of the amount to be recovered from the respondents, the applicant had sought for an appointment of a party receiver which would minimize the expenditure to the applicant and the respondents would also be benefited. 5. Upon considering the facts and circumstances of the case and the submissions made by the learned counsel for the applicant, this Court is satisfied with the prayer sought for in this application. Accordingly, this application is ordered with the following directions: a) Mr.Karthikeyan.N, Employee Code No.393099, currently designated as Senior Manager of Axis Bank Limited, having his office at Axis Bank Limited, Acropolis I 9th Floor, New No.148, Old No.68, Dr.Radhakrishnan Salai, Mylapore, Chennai – 600 004, is appointed as a 3/5 https://www.mhc.tn.gov.in/judis Arb Appln NO. 113 of 2025 Party Receiver to repossess the asset viz., Articulated Vehicle bearing No.TN-18-AS-4974, Model – MTB BLAZO31 6E1B4 6100 1S, Manufacture – Mahindra & Mahindra LTD, which is more fully described in the schedule to the Judges Summons from the respondent or wherever it is available and handover the same to the applicant by way of interim custody. Registry is directed to hand over the order to the learned counsel for the Applicant. b) The Party Receiver is permitted to obtain police aid and break open of the premises in case the seized asset is kept in a locked premises in the presence of the Police, after taking proper inventory; c) If break open of a lock is required, the Party Receiver shall do so in the presence of the police personnel who will counter sign the record evidencing the break open of the lock and to re-lock the premises. d) If the Party Receiver finds any difficulty with the jurisdictional police, he is at liberty to approach Superintendent of Police, who shall provide all necessary assistance to him at the time of seizure of the asset. 6. Notice to the respondents returnable by 10.03.2025. Private Notice is also permitted. 7. Post the matter on 10.03.2025 under the caption 'for reporting 4/5 https://www.mhc.tn.gov.in/judis Arb Appln NO. 113 of 2025 compliance'. 27.01.2025 ata Arb Appln NO. 113 of 2025 5/5 https://www.mhc.tn.gov.in/judis